Central Bank of India has reduced its Marginal Cost Lending Rate (MCLR) by 0.05 percent or 5 basis points across maturities. This has reduced its one-year MCLR to 9.35 percent, from the current rate of 9.4 percent . The month MCLR is reduced to 9.3 percent and 3 month MCLR is reduced to 9.25 percent. Overnight MCLR has been reduced to 8.9 percent , while 1 month MCLR has remained same at 9.2 percent. The new MCLR is effective from August 1,2016.
This rate cut of the bank will lead to lower interest rates on home loan, car loan, personal loan, etc, for loans taken under floating rate schemes. However, borrowers who have taken a loan at fixed rate, will not be benefitted by this reduction.

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